"1-13-2010-1

"1-13-2010-1 - EXERCISE...

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EXERCISE 13-1 (a) Current liability. (b) Current liability. (c) Current liability or long-term liability depending on term of warranty. (d) Current liability. (e) Footnote disclosure (assume not probable and/or not reasonably estimable). (f) Current liability. (g) Current or noncurrent liability depending upon the time involved. (h) Current liability. (i) Current liability. (j) Current liability. (k) Current liabilities or long-term liabilities as a deduction from face value of note. (l) Current liability. (m) Current liability. (n) Current liability. (o) Footnote disclosure. (p) Separate presentation in either current or long-term liability section.
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EXERCISE 13-6 (25–30 minutes) (a) 2010 To accrue the expense and liability for vacations Wages Expense. ................................................ 9,288 (1) Vacation Wages Payable. ....................... 9,288 To record sick leave paid Wages Expense. ................................................ 3,456 (2) Cash. ....................................................... 3,456 To record vacation time paid No entry, since no vacation days were used. 2011 To accrue the expense and liability for vacations Wages Expense. ................................................ 9,864 (3) Vacation Wages Payable. ....................... 9,864 To record sick leave paid Wages Expense. ................................................ 4,680 (4) Cash. ....................................................... 4,680 To record vacation time paid Wages Expense. ................................................ 65 Vacation Wages Payable. .................................. 8,359 (5)
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This note was uploaded on 04/09/2011 for the course MGMT 351 taught by Professor Staff during the Winter '08 term at Purdue.

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"1-13-2010-1 - EXERCISE...

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